While performing its monthly bank reconciliation, the bookkeeper for the Partin

Question

While performing its monthly bank reconciliation, the bookkeeper for the Partin Company discovered that a check written for $421 for advertising expense was recorded in the firm's books as $241. Which of the following shows the effect of the correcting entry on the financial statements?

Choice A

Choice B

Choice C

Choice D

Assets = Liab. + Equ. Rev. - Expenses = Net Inc. Cash A 241 = NA + 241 241 - NA = 241 241 OA B (180) = NA + (180) NA - 180 = (180) (180) OA C 180 = NA + 180 NA - (180) = 180 180 OA D 180 = NA + 180 180 - NA = 180 NA

Explanation / Answer

While performing its monthly bank reconciliation, the bookkeeper for the Partin

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